SCM-453 04A/B - Managing Inventory in the Supply Chain
Featuring Zach Zacharius
Length: 2 hours
Module 4 - Managing Inventory In The Supply Chain
- Appreciate the role and importance of inventory in the economy.
- List the major reasons for carrying inventory.
- Discuss the major types of inventory, their costs, and their relationships to inventory decisions.
- Understand the fundamental differences among approaches to managing inventory.
- Describe the rationale and logic behind the economic order quantity (EOQ) approach to inventory decision-making, and be able to solve some problems of a simple nature.
- Understand alternative approaches to managing inventory; just-in-time (JIT), materials requirement planning (MRP), distribution requirements planning (DRP), and vendor-managed inventory (VMI).
- Explain how inventory items can be classified.
- Know how inventory will vary as the number of stocking points changes.
- Make needed adjustments to the basic EOQ approach to respond to several special types of applications.